SHAREHOLDERS’ EQUITY

Common Stock

The number of authorized shares of the Company’s common stock is 125,000,000 shares with a par value of $0.01 per share. Holders of the Company’s common stock are entitled to one vote per share. At December 31, 2018, 3,252,712 shares of the Company’s common stock were reserved for issuance pursuant to the Company’s stock option plans.

Preferred Stock

The Board of Directors, without further shareholder authorization, is authorized to issue up to 10,000,000 shares of preferred stock, par value $0.01 per share in one or more series and to determine and fix the rights, preferences, and privileges of each series, including dividend rights and preferences over dividends on the common stock and one or more series of the preferred stock, conversion rights, voting rights (in addition to those provided by law), redemption rights, and the terms of any sinking fund therefore, and rights upon liquidation, dissolution, or winding up, including preferences over the common stock and one or more series of the preferred stock. The issuance of shares of preferred stock, or the issuance of rights to purchase such shares, may have the effect of delaying, deferring, or preventing a change in control of the Company or an unsolicited acquisition proposal.

Share Repurchase Program

In November 2018, the Company's Board of Directors authorized an additional $2.0 billion to the share repurchase program which has $2.1 billion of remaining availability as of December 31, 2018. The share repurchases are expected to be funded from cash generated from operating activities, borrowings, and cash balances. Repurchases will be made through open market transactions, and the amount and timing of purchases will depend on business and market conditions, the stock price, trading restrictions, the level of acquisition activity, and other factors.

The Company has purchased 27.5 million common shares since the inception of the program in 2004 through December 31, 2018, at a total cost of $4.4 billion. During the years ended December 31, 2018 and 2017, the Company spent $475 million and $400 million on the repurchase of 802,809 shares and 749,254 shares at an average price per share of $591.65 and $533.84, respectively. The Company reissued 183,379 shares and 270,413 shares held in treasury for the exercise of stock options and restricted stock units during 2018 and 2017, respectively.

Accumulated Other Comprehensive Income (Loss)

The following table presents changes in accumulated other comprehensive income by component for the period ended December 31, 2018 and 2017:



	Currency Translation Adjustment, Net of Tax			Net Unrealized Gain (Loss) on Cash Flow Hedging Arrangements, Net of Tax			Pension and Post-Retirement Benefit Related Items, Net of Tax			Total
Balance at December 31, 2016	$	(115,322	)	$	(2,232	)	$	(237,444	)	$	(354,998	)
Other comprehensive income (loss), net of tax:
Net unrealized actuarial gains (loss), prior service costs, and plan amendments	—			—			1,678			1,678
Net unrealized gains (loss) on cash flow hedging arrangements	—			1,424			—			1,424
Foreign currency translation adjustment	83,982			—			(12,092		)	71,890
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—			(273		)	14,873			14,600
Net change in other comprehensive income (loss), net of tax	83,982			1,151			4,459			89,592
Balance at December 31, 2017	$	(31,340	)	$	(1,081	)	$	(232,985	)	$	(265,406	)
Other comprehensive income (loss), net of tax:
Net unrealized actuarial gains (loss), prior service costs, and plan amendments	—			—			(24,106		)	(24,106		)
Net unrealized gains (loss) on cash flow hedging arrangements	—			(658		)	—			(658		)
Foreign currency translation adjustment	(32,573		)	—			3,522			(29,051		)
Amounts recognized from accumulated other comprehensive income (loss), net of tax	—			2,441			14,366			16,807
Net change in other comprehensive income (loss), net of tax	(32,573		)	1,783			(6,218		)	(37,008		)
Balance at December 31, 2018	$	(63,913	)	$	702		$	(239,203	)	$	(302,414	)

The following table presents amounts recognized from accumulated other comprehensive income (loss) for the twelve month period ended December 31, 2018 and 2017:



	2018		2017			Location of Amounts Recognized in Earnings
Effective portion of losses (gains) on cash flow hedging arrangements:
Interest rate swap agreements	$	539	$	1,679		Interest expense
Cross currency swap	2,212		(1,416		)	(a)
Total before taxes	2,751		263
Provision for taxes	310		536			Provision for taxes
Total, net of taxes	$	2,441	$	(273	)

Recognition of defined benefit pension and post-retirement items:
Recognition of actuarial losses, plan amendments, prior service cost, and settlement charge before taxes	$	18,756	$	20,137		(b)
Provision for taxes	4,390		5,264			Provision for taxes
Total, net of taxes	$	14,366	$	14,873


(a)	The cross currency swap reflects an unrealized loss of $0.8 million recorded in other charges (income) that was offset by the underlying unrealized gain on the hedged debt. The cross currency swap also reflects a realized gain of $3.0 million recorded in interest expense.


(b)	These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and post-retirement cost. See Note 13 for additional details for the year ended December 31, 2018.